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Sousa again promises action in GTA real estate market and rent controls in “coming week”

Sousa again promises action in GTA real estate market and rent controls in “coming week”

In another of several announcements promising action on the Ontario housing market — this one promising “in the coming week” — Ontario’s Finance Minister Charles Sousa revealed more details of the pending plan to rein in speculative market pricing in the GTA area. A combination of low supply and excessive demand has thrust house pricing…

Ontario to target real estate "scalpers" with "responsible reforms" to help cool rises in home prices

Ontario to target real estate "scalpers" with "responsible reforms" to help cool rises in home prices

As expected, Finance Minister Charles Sousa announced that pending Ontario government intervention will target speculators — an attempt to help ordinary buyers and sellers. He emphasized that the Ontario government would not be targeting real estate agents who facilitate bids. In his remarks to journalists at Queen’s Park, he compared speculators to “scalpers” who grab…

Home starts in Toronto at 253,720, highest level since September 2007

Home starts in Toronto at 253,720, highest level since September 2007

Against projections of 215,000 housing starts in Canada, the actual rate for March 2017 landed at 253,720 (seasonally adjusted.) This is considerably up from projected numbers, and significantly up from 214,253 in February, as reported by the Canada Mortgage and Housing Corporation CCMHC).[1] Previous years seasonally adjusted annual rates were 197,915 for 2016 and 195,535 for 2015….

Calls for policy change as Toronto real estate market soars in March

Calls for policy change as Toronto real estate market soars in March

Looking at March resale numbers for detached homes in the GTA one might be left with the impression that the market is in pretty good shape. A total of 5,887 single detached homes were resold, representing an increase of almost 20 per cent year over year. Other than in the condo resale market, where the…

RECO announces new education provider for Ontario realtors

RECO announces new education provider for Ontario realtors

The Real Estate Council of Ontario (RECO) has announced the winner of its RFP for a new Registration Education provider. The regulatory body will inaugurate its new program for salespersons beginning in 2020, ending its long-standing relationship with the Ontario Real Estate Association (OREA) which has provided the service through its Real Estate College for…

Real estate commissions discussion gets nasty with attacks on agents’ integrity, ethics

Real estate commissions discussion gets nasty with attacks on agents’ integrity, ethics

Many real estate companies offering consumers alternative ways to buy and sell residential real estate have sprung up in recent years. Most take aim at the traditional commission-based model, promising to cut or eliminate it altogether, using some form of fee-based model instead. One example promises that you can sell your home, if it sells…

New database lets consumers check up on dishonest mortgage brokers

New database lets consumers check up on dishonest mortgage brokers

In an industry that deals in hundreds of billions of dollars each year, there are bound to be a few actors who will try to get a little more than they deserve. They may succumb to the temptation to put their own interests ahead of those of their clients. Mortgage brokers with a certain weakness…

Mortgage lenders report declining business as new regulations take effect

Mortgage lenders report declining business as new regulations take effect

For several years now, well before the latest federal government moves to restrict Canadians’ access to residential mortgages, observers, including the International Monetary Fund, have worried that cracking down on Canada Mortgage and Housing Corporation insured mortgages would simply push Canadians into the uninsured mortgage market. While uninsured mortgages are perfectly legal—a buyer must have…

Mortgage brokers want more incentives, fewer restrictions on new home buyers

Mortgage brokers want more incentives, fewer restrictions on new home buyers

Canada’s mortgage brokers claimed a victory of sorts when the federal government introduced no new mortgage rule changes in last week’s budget. Now they are hoping for similar success with the Ontario provincial government, which is expected to introduce its own budget in coming weeks. In a presentation to the standing committee on finance on…

Condo sales soar to record highs as low-rise inventories drop to "almost inconceivable" lows: BILD

Condo sales soar to record highs as low-rise inventories drop to "almost inconceivable" lows: BILD

There is no mistaking the rising urgency in tone in the voice of the Building Industry and Land Development Association (BILD). The new-housing supply crisis in the GTA is not only “unprecedented,” it is now “almost inconceivable.” BILD president Bryan Tuckey said in his latest statement on new home sales in Toronto that the number…

Exceptional year ahead for high-end Toronto condos; speculators and investors more active than previously thought

Exceptional year ahead for high-end Toronto condos; speculators and investors more active than previously thought

Spring is here and it is going to be a good one for the high-end condominium market in Toronto, if Sotheby’s International Realty Canada is right. Already this year sales of condos worth more than $1 million are up—“soaring” to use their word—exceeding 2016 levels for the same period by 104 per cent. To date,…

More families likely to choose condo living if available: report

More families likely to choose condo living if available: report

Whatever their personal preference might be, in the end people have to live where they can afford to live. Asked where they would choose to live if money were no object—in this instance that meant having a budget of $750,000—about half of respondents to a Fortress Real Developments poll picked a single-family home in the…

More purpose-built rental units needed to avoid affordability crisis in Toronto: economist

More purpose-built rental units needed to avoid affordability crisis in Toronto: economist

Toronto’s housing market is not a normally functioning market. Legislation-driven land constraints suggest that we are in a classic case of market failure. The invisible hand, that enigmatic force mentioned by enlightenment economist Adam Smith, whereby self-interest is somehow transformed into public good, will not work in Toronto. These are the arresting opening thoughts in…

Supply or demand problem? Foreign buyers tax or not? No unanimity in Toronto's housing price debate

Supply or demand problem? Foreign buyers tax or not? No unanimity in Toronto's housing price debate

After years of rapidly rising Toronto home prices and endless debates among real estate and building industry stakeholders about the causes thereof, the mayor has asked for a report on the subject and plans to call together a panel of experts for advice about what to do. One possible action could be to impose a…

Single family home starts up in Toronto, condos down in February: CMHC

Single family home starts up in Toronto, condos down in February: CMHC

One can’t read too much into one or two months’ activity, but perhaps there is hope on the horizon for Toronto buyers looking for those scarce single detached homes. Builders of this type of home had a busy February in Toronto, and in Ontario generally, according to the latest statistics from Canada Mortgage and Housing…

Banks, mortgage professionals urge government to hold off on further changes to lending

Banks, mortgage professionals urge government to hold off on further changes to lending

The government of Canada’s role in housing is clear: it’s to promote housing affordability and choice, to facilitate access to financing for home buyers, and to keep the housing sector strong. This is all laid out in the National Housing Act. In support of these objectives, the government extends low-cost funding to mortgage lenders. At…

Calls for government action to balance homes market as prices, sales soar in February

Calls for government action to balance homes market as prices, sales soar in February

The president of the Toronto Real Estate Board has once again called on all three levels of government to turn their attention to the supply of homes for sale in the Toronto area in order to bring the market back into balance and moderate price growth. Larry Cerqua wants governments to revisit existing land-use designations…

New advice for homebuyers from CMHC in revised step-by-step guide

New advice for homebuyers from CMHC in revised step-by-step guide

For anyone planning to enter today’s real estate market, any sound advice on how to proceed and what to expect should be helpful. There’s a lot to learn, and for those who have never bought a home before, it can be a little confusing, not to say intimidating. According to the Real Estate Council of…

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